This new report published by Whitecap Consulting in partnership with the Building Societies Association (BSA) finds that societies continue to leverage mutuality, regionality and technology to create customer value and differentiation in the UK Financial Services market; however the degree to which societies utilise each of these assets varies across the sector.
The research for the report involved a quantitative data analysis of all 43 building societies, interviews with 33 building society CEOs, and an online survey which received a total of 134 respondents. The project was funded through the Building Societies Association partnership and sponsorship from a number of industry stakeholders including: Credera, DPR, Equiniti, Mambu, Mutual Vision, Moneyhub, Nivo, Phoebus Software, Sandstone Technology, Shoosmiths and Sopra Banking Software.
The report identifies four key themes:
- There are different strategies and areas of commercial focus available to societies, and selection and focus are critical to success
- Mutuality can become a point of difference with greater relevance to customers, possibly with a modernised focus on social purpose.
- Meaningful community engagement is core to regional success, customer engagement and branch-based savings.
- Continued investment in a digitally enabled future is necessary, to support customer engagement, distribution and operating efficiency.
The implications of each of these key areas are highlighted in the report, together with the potential opportunities for societies to consider.
View the summary report here